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Canada's economy was slowing even before COVID-19 hit, January GDP numbers show – CBC.ca

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Canada’s economy expanded by 0.1 per cent in January as manufacturing and the financial sector grew while transportation, mining, oil and gas and the retail sector all shrank.

Statistics Canada reported Monday that Canada’s gross domestic product expanded by 0.1 per cent during the month, slightly less than what economists were expecting. It’s also less than the 0.3 expansion seen in the previous month.

The spectre of COVID-19 was already casting a shadow on the economy in January as reduced trade with China and travel restrictions held back Canada’s economy two months before the full brunt of the outbreak hit North American shores.

Manufacturing grew by 0.8 per cent during the month, while construction activity picked up by 0.2 per cent from December’s level. Wholesale trade grew by 1.2 per cent while the financial sector expanded by 0.9 per cent.

On the downside, the mining and oil and gas sector shrank by 0.6 per cent, while the retail sector was down by 0.4 per cent. The transportation sector shrank most of all, by 1.7 per cent, largely because of winter storms wreaking havoc with travel plans.

Bank of Montreal economist Benjamin Reitzes did note expansion in one sector that he thinks could be poised to continue in the coming months. “One sector that picked up steam with its biggest gain in a year is public administration,” he said. “Expect a lot more of that as the federal and provincial governments step in to support the economy through the COVID-19 shock.”

“January numbers are ancient history now given how the economic landscape has drastically shifted,” he said. “While the year got off to a decent enough start, the near-total halt in activity in the second half of March will have a hugely negative impact.”

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

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2 days ago

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September 13, 2024

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

Statistics Canada reports wholesale sales higher in July

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September 13, 2024

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OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

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3 days ago

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September 12, 2024

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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